Question: 10. Mr. Webster is planning to retire in 30 years, and his goal is to have $1,500,000 in his retirement fund when he retires.

10. Mr. Webster is planning to retire in 30 years, and his

10. Mr. Webster is planning to retire in 30 years, and his goal is to have $1,500,000 in his retirement fund when he retires. He will start by depositing $35,000 into his fund today and $1,000 at the end of each month for the 30 year period. What is the annual rate of return that Mr. Webster will need to accomplish his goal?

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